How to Start Investing on the Warsaw Stock Exchange (GPW) in 2026

How to Start Investing on GPW — Your 2026 Guide

The Warsaw Stock Exchange (Giełda Papierów Wartościowych, GPW) is Central Europe's largest stock exchange with over 400 listed companies and a growing selection of ETFs. Whether you're a Polish resident or a foreigner living in Poland, GPW offers accessible entry into equity investing.

Step 1: Open a Brokerage Account

To trade on GPW, you need a Polish brokerage account (rachunek maklerski). Popular options in 2026:

XTB

• No commission on Polish and foreign stocks (up to 100,000 EUR/month)
• Fractional shares available
• Excellent mobile app
• IKE account option (tax-free gains)
• Best for: Beginners and those wanting both GPW and foreign markets

mBank (eMakler)

• Integrated with mBank personal account
• Commission: 0.29% (min. 5 PLN) for GPW
• Good for existing mBank customers
• Best for: mBank users wanting convenience

Bossa (BOŚ)

• Professional-grade platform
• Commission: 0.29% (min. 5 PLN)
• Wide range of order types
• Best for: More experienced traders

PKO BP (ePKO)

• Largest Polish bank, trusted brand
• Commission: 0.29% (min. 5 PLN)
• Best for: Conservative investors wanting a big-bank feel

To open: You'll need a PESEL (or passport for foreigners), proof of address, and about 15-30 minutes for online registration.

Step 2: Understand What's Available on GPW

Stocks (Akcje)

Individual company shares. GPW lists ~420 companies across three markets:

• Main Market: Large and mid-cap companies (WIG20, mWIG40)
• NewConnect: Smaller growth companies (higher risk)
• GlobalConnect: Foreign company shares traded in PLN

ETFs on GPW

Growing selection of ETFs tradeable in PLN:

• Beta ETF WIG20TR: Tracks the 20 largest Polish companies
• Beta ETF mWIG40TR: Mid-cap Polish companies
• Beta ETF S&P 500: S&P 500 in PLN
• Beta ETF TBSP: Polish Treasury bonds

Bonds (Obligacje)

Government and corporate bonds traded on the Catalyst market.

Step 3: Build a Simple Strategy

For beginners, keep it simple:

The Core Portfolio Approach

1. 70-80% Global ETF (VWCE via XTB or Beta ETF S&P 500 on GPW)
2. 10-20% Polish exposure (Beta ETF WIG20TR or mWIG40TR)
3. 10% Bonds (Beta ETF TBSP or direct Treasury bonds)

Monthly Contributions

Set a fixed amount — even 500 PLN/month makes a difference over time. Regular investing (dollar-cost averaging) removes the stress of timing the market.

Step 4: Place Your First Trade

1. Log into your brokerage platform
2. Search for the stock or ETF ticker (e.g., "BEWG20TR" for Beta ETF WIG20)
3. Choose order type:
   • Market order (PKC): Buy at current price — fastest
   • Limit order: Set your maximum price — more control
4. Enter quantity
5. Confirm and submit
6. Settlement takes T+2 (two business days)

Step 5: Track and Monitor

After your first investment, resist checking daily. Monthly or quarterly reviews are sufficient for long-term investors.

Use Freenance to track your GPW portfolio alongside bank accounts, savings, and other investments. Seeing how your investments contribute to your Financial Freedom Runway — the months you could live without income — gives your investing a clear purpose.

GPW Trading Hours

• Pre-opening: 8:30-9:00
• Continuous trading: 9:00-16:50
• Closing auction: 16:50-17:00
• After-hours: 17:00-17:05

Taxes on GPW Investments

• Capital gains tax (Belka): 19% on profits
• Dividends: 19% withholding tax
• IKE account: Tax-free gains (if held until retirement age)
• IKZE account: Contributions deductible, 10% flat tax on withdrawal

File PIT-38 annually for capital gains. Your broker provides a PIT-8C with all necessary data.

FAQ

How much money do I need to start investing on GPW?

With XTB's fractional shares, you can start with as little as 10 PLN. For ETFs, one unit of Beta ETF WIG20TR costs around 40-50 PLN.

Is GPW safe?

GPW is regulated by KNF (Polish Financial Supervision Authority). Your securities are held separately from the broker — if the broker goes bankrupt, your stocks are safe. Cash is protected up to 100,000 EUR.

Should I invest on GPW or foreign markets?

Both have merits. GPW offers PLN-denominated investments and some tax advantages. Foreign markets offer more diversification. Many investors use both — see our GPW vs foreign markets comparison.

Can foreigners invest on GPW?

Yes. Non-Polish residents can open brokerage accounts with most Polish brokers. You'll need a passport and may need to obtain a PESEL number.